Cognex (CGNX) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-34218
Entity Registrant Name	COGNEX CORP
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2713778
Entity Address, Address Line One	One Vision Drive
Entity Address, City or Town	Natick
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01760
City Area Code	508
Local Phone Number	650-3000
Title of 12(b) Security	Common Stock, par value $.002 per share
Trading Symbol	CGNX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	171,662,056
Document Period End Date	Mar. 31, 2024
Entity Central Index Key	0000851205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Income Statement [Abstract]
Revenue	$ 210,797	$ 201,124
Cost of revenue	68,860	57,384
Gross margin	141,937	143,740
Research, development, and engineering expenses	37,105	38,542
Selling, general, and administrative expenses	90,628	83,037
Operating income	14,204	22,161
Foreign currency gain (loss)	46	394
Investment income	3,120	3,587
Other income (expense)	196	73
Income before income tax expense	17,566	26,215
Income tax expense	5,544	600
Net income	$ 12,022	$ 25,615
Net income per weighted-average common and common-equivalent share:
Basic (usd per share)	$ 0.07	$ 0.15
Diluted (usd per share)	$ 0.07	$ 0.15
Weighted-average common and common-equivalent shares outstanding:
Basic (shares)	171,692	172,624
Diluted (shares)	172,594	173,903
Cash dividends per common share (usd per share)	$ 0.075	$ 0.070

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 12,022	$ 25,615
Available-for-sale investments:
Net unrealized gain (loss) on available-for-sale investments, net of tax	359	5,426
Reclassification of net realized (gain) loss on the sale of available-for-sale investments into current operations	(2)	0
Net change related to available-for-sale investments	357	5,426
Foreign currency translation adjustments:
Foreign currency translation adjustments	(16,156)	(359)
Net change related to foreign currency translation adjustments	(16,156)	(359)
Other comprehensive income (loss), net of tax	(15,799)	5,067
Total comprehensive income (loss)	$ (3,777)	$ 30,682

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Statement of Comprehensive Income [Abstract]
Tax effect of unrealized gain (loss) on available-for-sale investments	$ 117	$ 1,858

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 138,859	$ 202,655
Current investments, amortized cost of $141,876 and $132,799 in 2024 and 2023, respectively, allowance for credit losses of $0 in 2024 and 2023	139,334	129,392
Accounts receivable, allowance for credit losses of $1,339 and $583 in 2024 and 2023, respectively	138,556	114,164
Unbilled revenue	2,737	2,402
Inventories	170,871	162,285
Prepaid expenses and other current assets	71,173	68,099
Total current assets	661,530	678,997
Non-current investments, amortized cost of $285,376 and $250,790 in 2024 and 2023, respectively, allowance for credit losses of $0 in 2024 and 2023	278,426	244,230
Property, plant, and equipment, net	104,111	105,849
Operating lease assets	74,113	75,115
Goodwill	386,157	393,181
Intangible assets, net	105,054	112,952
Deferred income taxes	397,563	400,400
Other assets	6,279	7,088
Total assets	2,013,233	2,017,812
Current liabilities:
Accounts payable	27,459	21,454
Accrued expenses	70,429	72,374
Accrued income taxes	40,433	16,907
Deferred revenue and customer deposits	39,983	31,525
Operating lease liabilities	9,798	9,624
Total current liabilities	188,102	151,884
Non-current operating lease liabilities	67,367	68,977
Deferred income taxes	239,538	246,877
Reserve for income taxes	28,144	26,685
Non-current accrued income taxes	0	18,338
Other liabilities	893	299
Total liabilities	524,044	513,060
Commitments and Contingencies
Shareholders’ equity:
Preferred stock, $.01 par value – Authorized: 400 shares in 2024 and 2023, respectively; no shares issued and outstanding	0	0
Common stock, $.002 par value – Authorized: 300,000 shares in 2024 and 2023, respectively; issued and outstanding: 171,662 and 171,599 shares in 2024 and 2023, respectively	343	343
Additional paid-in capital	1,047,643	1,037,202
Retained earnings	502,338	512,543
Accumulated other comprehensive loss, net of tax	(61,135)	(45,336)
Total shareholders’ equity	1,489,189	1,504,752
Total liabilities and shareholders' equity	$ 2,013,233	$ 2,017,812

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost of current investments	$ 141,876	$ 132,799
Allowance for credit losses	0	0
Allowance for credit losses, current	1,339	583
Amortized cost of non-current investments	285,376	250,790
Allowance for credit losses, non-current	$ 0	$ 0
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	400,000	400,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.002	$ 0.002
Common stock shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	171,662,000	171,599,000
Common stock, shares outstanding (in shares)	171,662,000	171,599,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Cash flows from operating activities:
Net income	$ 12,022	$ 25,615
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense	13,302	16,579
Depreciation of property, plant, and equipment	5,279	3,986
Amortization of intangible assets	2,813	942
Excess and obsolete inventory charges	471	788
Fair Value Adjustment on Acquired Inventories	1,224	0
Amortization of discounts or premiums on investments	306	700
Realized (gain) loss on sale of investments	(2)	0
Change in deferred income taxes	(3,333)	(10,656)
Accounts receivable	(25,669)	(18,455)
Unbilled revenue	(347)	(173)
Inventories	(10,938)	(5,338)
Prepaid expenses and other current assets	(3,395)	231
Accounts payable	7,398	(192)
Accrued expenses	(470)	(9,942)
Accrued income taxes	5,258	4,721
Deferred revenue and customer deposits	8,737	17,003
Other	987	1,744
Net cash provided by (used in) operating activities	13,643	27,553
Cash flows from investing activities:
Purchases of investments	(233,726)	(46,480)
Maturities and sales of investments	189,758	46,199
Purchases of property, plant, and equipment	(4,061)	(5,507)
Net payments related to business acquisitions (Note 17)	(994)	0
Net cash provided by (used in) investing activities	(49,023)	(5,788)
Cash flows from financing activities:
Net payments from issuance of common stock under stock plans	(2,861)	(3,055)
Repurchase of common stock	(9,339)	(24,178)
Payment of dividends	(12,888)	(12,091)
Net cash provided by (used in) financing activities	(25,088)	(39,324)
Effect of foreign exchange rate changes on cash and cash equivalents	(3,328)	356
Net change in cash and cash equivalents	(63,796)	(17,203)
Cash and cash equivalents at beginning of period	202,655	181,374
Cash and cash equivalents at end of period	$ 138,859	$ 164,171

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2022		172,631
Beginning Balance at Dec. 31, 2022	$ 1,438,394	$ 345	$ 979,167	$ 528,179	$ (69,297)
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans (in shares)		449
Net issuance of common stock under stock plans	(3,055)	$ 1	(3,056)
Repurchase of common stock (in shares)		(479)
Repurchase of common stock	(24,178)	$ (1)		(24,177)
Stock-based compensation expense	16,579		16,579
Payment of dividends	(12,091)			(12,091)
Net income	25,615			25,615
Net unrealized gain (loss) on available-for-sale investments, net of tax	5,426				5,426
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	0
Foreign currency translation adjustment	(359)				(359)
Ending Balance (in shares) at Apr. 02, 2023		172,601
Ending Balance at Apr. 02, 2023	$ 1,446,331	$ 345	992,690	517,526	(64,230)
Beginning Balance (in shares) at Dec. 31, 2023	171,599	171,599
Beginning Balance at Dec. 31, 2023	$ 1,504,752	$ 343	1,037,202	512,543	(45,336)
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans (in shares)		294
Net issuance of common stock under stock plans	(2,861)	$ 0	(2,861)
Repurchase of common stock (in shares)		(231)
Repurchase of common stock	(9,339)	$ 0		(9,339)
Stock-based compensation expense	13,302		13,302
Payment of dividends	(12,888)			(12,888)
Net income	12,022			12,022
Net unrealized gain (loss) on available-for-sale investments, net of tax	359				359
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	(2)				(2)
Foreign currency translation adjustment	$ (16,156)				(16,156)
Ending Balance (in shares) at Mar. 31, 2024	171,662	171,662
Ending Balance at Mar. 31, 2024	$ 1,489,189	$ 343	$ 1,047,643	$ 502,338	$ (61,135)

Consolidated Statement of Sha_2

Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share (usd per share)	$ 0.075	$ 0.070
Tax effect of unrealized gain (loss) on available-for-sale investments	$ 117	$ 1,858

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As permitted by the rules of the Securities and Exchange Commission applicable to Quarterly Reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles (GAAP). Reference should be made to the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for a full description of other significant accounting policies. In the opinion of the management of Cognex Corporation (the "Company"), the accompanying consolidated unaudited financial statements contain all adjustments, consisting of normal, recurring adjustments, and financial statement reclassifications necessary to present fairly the Company’s financial position as of March 31, 2024, and the results of its operations for the three-month periods ended March 31, 2024 and April 2, 2023, and changes in shareholders’ equity, comprehensive income, and cash flows for the periods presented. The results disclosed in the Consolidated Statements of Operations for the three-month periods ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.

New Pronouncements

New Pronouncements	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Pronouncements	New Pronouncements Accounting Standards Update (ASU) 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" The amendments in this ASU apply to all entities that are subject to Topic 740, Income Taxes. The amendments require public business entities to disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. They also require all entities to disclose income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions in which income taxes paid, net of refunds received, is equal to or greater than five percent of total income taxes paid. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. The amendments in this ASU should be applied on a prospective basis. Management does not expect ASU 2023-09 to have a material impact on the Company's financial statements and disclosures. Accounting Standards Update (ASU) 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" The amendments in this ASU apply to all public entities, including public entities with a single reportable segment, that are required to report segment information in accordance with Topic 280, Segment Reporting. The amendments require public business entities to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the amendments require disclosure of significant segment expenses and other segment items, as well as incremental qualitative disclosures. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods with fiscal years beginning after December 15, 2024. The amendments in the ASU should be applied on a retrospective basis. We did not early adopt ASU 2023-07. Management does not expect ASU 2023-07 to have a material impact on the Company's financial statements and disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis The following table summarizes the financial assets and liabilities required to be measured at fair value on a recurring basis as of March 31, 2024 (in thousands): Quoted Prices in Significant Other Unobservable Inputs (Level 3) Assets: Money market instruments $ 667 $ — $ — Corporate bonds — 353,745 — Treasury notes — 45,053 — Asset-backed securities — 16,995 — Certificate of deposit — 6,429 — Treasury bills — 3,499 — Sovereign bonds — 1,967 — Economic hedge forward contracts — 22 — Liabilities: Economic hedge forward contracts — 221 — The Company’s money market instruments are reported at fair value based upon the daily market price for identical assets in active markets, and are therefore classified as Level 1. The Company’s debt securities and forward contracts are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. Management is responsible for estimating the fair value of these financial assets and liabilities, and in doing so, considers valuations provided by a large, third-party pricing service. For debt securities, this service maintains regular contact with market makers, brokers, dealers, and analysts to gather information on market movement, direction, trends, and other specific data. They use this information to structure yield curves for various types of debt securities and arrive at the daily valuations. The Company's forward contracts are typically traded or executed in over-the-counter markets with a high degree of pricing transparency. The market participants are generally large commercial banks. Non-financial Assets that are Measured at Fair Value on a Non-recurring Basis Non-financial assets, such as property, plant and equipment, operating lease assets, goodwill, and intangible assets, are required to be measured at fair value only when an impairment loss is recognized. The Company did not record impairment charges related to non-financial assets during the three-month periods ended March 31, 2024 or April 2, 2023.

Cash, Cash Equivalents, and Inv

Cash, Cash Equivalents, and Investments	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Investments	Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands): March 31, 2024 December 31, 2023 Cash $ 128,264 $ 183,242 Certificate of deposit 6,429 — Treasury bills 3,499 — Money market instruments 667 19,413 Cash and cash equivalents 138,859 202,655 Corporate bonds 134,032 124,851 Asset-backed securities 4,309 3,551 Sovereign bonds 993 990 Current investments 139,334 129,392 Corporate bonds 219,713 183,965 Treasury notes 45,053 43,523 Asset-backed securities 12,686 15,763 Sovereign bonds 974 979 Non-current investments 278,426 244,230 $ 556,619 $ 576,277 Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; sovereign bonds consist of direct debt issued by foreign governments; and treasury notes consist of debt securities issued by the U.S. government. All of the Company's securities as of March 31, 2024 and December 31, 2023 were denominated in U.S. Dollars. Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $4,119,000 and $3,169,000 as of March 31, 2024 and December 31, 2023, respectively. The following table summarizes the Company’s available-for-sale investments as of March 31, 2024 (in thousands): Amortized Gross Gross Fair Value Current: Corporate bonds $ 136,479 $ — $ (2,447) $ 134,032 Asset-backed securities 4,391 — (82) 4,309 Sovereign bonds 1,006 — (13) 993 Non-current: Corporate bonds 225,074 175 (5,536) 219,713 Treasury notes 45,760 — (707) 45,053 Asset-backed securities 13,512 — (826) 12,686 Sovereign bonds 1,030 — (56) 974 $ 427,252 $ 175 $ (9,667) $ 417,760 The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands): Amortized Gross Gross Fair Value Current: Corporate bonds $ 128,150 $ — $ (3,299) $ 124,851 Asset-backed securities 3,637 — (86) 3,551 Sovereign bonds 1,012 — (22) 990 Non-current: Corporate bonds 189,326 506 (5,867) 183,965 Treasury notes 43,654 82 (213) 43,523 Asset-backed securities 16,773 — (1,010) 15,763 Sovereign bonds 1,037 — (58) 979 $ 383,589 $ 588 $ (10,555) $ 373,622 The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of March 31, 2024 (in thousands): Unrealized Loss Position For: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 95,052 $ (1,087) $ 222,979 $ (6,896) $ 318,031 $ (7,983) Treasury notes 42,612 (647) 2,441 (60) 45,053 (707) Asset-backed securities 14,742 (860) 2,252 (48) 16,994 (908) Sovereign bonds — — 1,968 (69) 1,968 (69) $ 152,406 $ (2,594) $ 229,640 $ (7,073) $ 382,046 $ (9,667) The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2023 (in thousands): Unrealized Loss Position For: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 30,770 $ (359) $ 226,643 $ (8,807) $ 257,413 $ (9,166) Treasury notes 20,725 (153) 2,441 (60) 23,166 (213) Asset-backed securities 17,062 (1,049) 2,252 (47) 19,314 (1,096) Sovereign bonds — — 1,968 (80) 1,968 (80) $ 68,557 $ (1,561) $ 233,304 $ (8,994) $ 301,861 $ (10,555) Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of March 31, 2024 or December 31, 2023. Management currently intends to hold these securities to full value recovery at maturity. The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month periods ended March 31, 2024 and April 2, 2023 (in thousands): Three-months Ended March 31, 2024 April 2, 2023 Gross realized gains $ 2 $ — Gross realized losses — — Net realized gains (losses) $ 2 $ — Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive income (loss). The following table presents the effective maturity dates of the Company’s available-for-sale investments as of March 31, 2024 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-8 Years Total Corporate bonds $ 134,032 $ 57,463 $ 59,120 $ 58,225 $ 44,905 $ — $ 353,745 Treasury notes — 3,429 14,097 22,829 4,698 — 45,053 Asset-backed securities 4,309 6,486 — — — 6,200 16,995 Sovereign bonds 993 974 — — — — 1,967 $ 139,334 $ 68,352 $ 73,217 $ 81,054 $ 49,603 $ 6,200 $ 417,760

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): March 31, 2024 December 31, 2023 Raw materials $ 106,506 $ 93,201 Work-in-process 3,241 5,747 Finished goods 61,124 63,337 $ 170,871 $ 162,285

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The Company's leases are primarily leased properties across different worldwide locations where the Company conducts its operations. All of these leases are classified as operating leases. Certain leases may contain options to extend or terminate the lease at the Company's sole discretion. As of March 31, 2024, there were no options to terminate and twenty-eight options to extend that were accounted for in the determination of the lease term for the Company's outstanding leases. Certain leases contain leasehold improvement incentives, retirement obligations, escalating clauses, rent holidays, and variable payments tied to a consumer price index. There were no restrictions or covenants for outstanding leases as of March 31, 2024. The total operating lease expense for the three-month periods ended March 31, 2024 and April 2, 2023 were $3,563,000 and $2,392,000, respectively. The total operating lease cash payments for the three-month periods ended March 31, 2024 and April 2, 2023 were $3,208,000 and $2,404,000, respectively. The total lease expense for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability for the three-month periods ended March 31, 2024 and April 2, 2023 were $82,000 and $24,000, respectively. Future operating lease cash payments are as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2024 $ 10,392 2025 12,093 2026 10,031 2027 9,171 2028 8,721 2029 8,137 Thereafter 44,658 $ 103,203 The discounted present value of the future lease cash payments resulted in a total lease liability of $77,165,000 and $78,601,000 as of March 31, 2024 and December 31, 2023, respectively. The Company did not have any leases that had not yet commenced but that created significant rights and obligations as of March 31, 2024. The Company leases a building in Singapore that serves as a distribution center for customers in Asia. The lease contains two components: an 88,000 square-foot premises that had a commencement date in June of 2023 and a second 27,000 square-foot premises that does not commence until the fourth quarter of 2025. Accordingly, the second component of the lease has not yet been recorded on the Consolidated Balance Sheets, nor has it created any significant rights and obligations as of March 31, 2024. This second lease component has an original term of eight years and the Company has the right and option to extend this term by an additional five years, commencing upon the expiration of the original term. Future payment obligations associated with this lease component total $13,231,000, none of which is payable in 2024 and which reflects the estimated extension period of five years. Future payment obligations related to this lease component are not included in the future operating lease cash payments table above.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The changes in the carrying value of goodwill were as follows (in thousands): Balance as of December 31, 2023 $ 393,181 Foreign exchange rate changes (7,024) Balance as of March 31, 2024 $ 386,157

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Amortized intangible assets consisted of the following (in thousands): Gross Accumulated Net Customer relationships $ 72,775 $ (6,587) $ 66,188 Completed technologies 60,160 (22,112) 38,048 Trademarks 842 (117) 725 Non-compete agreements 340 (247) 93 Balance as of March 31, 2024 $ 134,117 $ (29,063) $ 105,054 Gross Accumulated Net Customer relationships $ 75,965 $ (5,352) $ 70,613 Completed technologies 62,123 (20,745) 41,378 Trademarks 903 (50) 853 Non-compete agreements 340 (232) 108 Balance as of December 31, 2023 $ 139,331 $ (26,379) $ 112,952 As of March 31, 2024, estimated future amortization expense related to intangible assets was as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2024 $ 8,179 2025 10,615 2026 10,310 2027 9,587 2028 8,857 2029 8,857 Thereafter 48,649 $ 105,054

Warranty Obligations

Warranty Obligations	3 Months Ended
	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
Warranty Obligations	Warranty Obligations The Company records the estimated cost of fulfilling product warranties at the time of sale based upon historical costs to fulfill claims. Obligations may also be recorded subsequent to the time of sale whenever specific events or changes in circumstances impacting product quality become known that would not have been taken into account using historical data. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers and third-party contract manufacturers, the Company’s warranty obligation is affected by product failure rates, material usage, and service delivery costs incurred in correcting a product failure. An adverse change in any of these factors may result in the need for additional warranty provisions. Warranty obligations are included in “Accrued expenses” on the Consolidated Balance Sheets. The changes in the warranty obligation were as follows (in thousands): Balance as of December 31, 2023 $ 4,244 Provisions for warranties issued during the period 1,157 Fulfillment of warranty obligations (939) Foreign exchange rate changes (9) Balance as of March 31, 2024 $ 4,453

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2024, the Company had outstanding purchase orders totaling $40,843,000 to procure inventory from various vendors. Certain of these purchase orders may be canceled by the Company, subject to cancellation penalties. These purchase commitments relate primarily to expected sales in the next twelve months. A significant portion of the Company's outstanding inventory purchase orders as of March 31, 2024, as well as additional preauthorized commitments to procure strategic components based on the Company's expected customer demand, are placed with the Company's primary contract manufacturer for the Company's assembled products. The Company has the obligation to purchase any non-cancelable and non-returnable components that have been purchased by the contract manufacturer with the Company's preauthorization, when these components have not been consumed within the period defined in the terms of the Company's agreement with this contract manufacturer. While the Company typically expects such purchased components to be used in future production of Cognex finished goods, these components are considered in the Company's reserve estimate for excess and obsolete inventory. Furthermore, the Company accrues for losses on commitments for the future purchase of non-cancelable and non-returnable components from this contract manufacturer at the time that circumstances, such as changes in demand, indicate that the value of the components may not be recoverable, the loss is probable, and management has the ability to reasonably estimate the amount of the loss. Various claims and legal proceedings generally incidental to the normal course of business are pending or threatened on behalf of or against the Company. While we cannot predict the outcome of these matters, we believe that any liability arising from them will not have a material adverse effect on our financial position, liquidity, or results of operations.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities that do not exceed approximately three months to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment. The Company had the following outstanding forward contracts (in thousands): March 31, 2024 December 31, 2023 Currency Notional USD Notional USD Derivatives Not Designated as Hedging Instruments: Singapore Dollar 39,950 $ 29,652 39,700 $ 30,136 Euro 18,500 19,940 40,000 44,302 Mexican Peso 205,000 12,273 145,000 8,505 Chinese Renminbi 50,000 6,886 50,000 7,025 Hungarian Forint 2,250,000 6,152 2,240,000 6,466 British Pound 3,330 4,229 3,345 4,258 Japanese Yen 600,000 3,980 600,000 4,255 Swiss Franc 2,400 2,673 — — Canadian Dollar 1,720 1,270 1,470 1,112 Information regarding the fair value of the outstanding forward contracts was as follows (in thousands): Asset Derivatives Liability Derivatives Balance Fair Value Balance Fair Value Sheet March 31, 2024 December 31, 2023 Sheet March 31, 2024 December 31, 2023 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets $ 22 $ 151 Accrued expenses $ 221 $ 106 The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands): Asset Derivatives Liability Derivatives March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Gross amounts of recognized assets $ 22 $ 151 Gross amounts of recognized liabilities $ 221 $ 106 Gross amounts offset — — Gross amounts offset — — Net amount of assets presented $ 22 $ 151 Net amount of liabilities presented $ 221 $ 106 Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands): Location in Financial Statements Three-months Ended March 31, 2024 April 2, 2023 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ (245) $ (1,471)

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands): Three-months Ended March 31, 2024 April 2, 2023 Americas $ 83,135 $ 80,442 Europe 52,354 59,842 Greater China 30,049 33,172 Other Asia 45,259 27,668 $ 210,797 $ 201,124 The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended March 31, 2024 April 2, 2023 Standard products and services $ 187,632 $ 190,783 Application-specific customer solutions 23,165 10,341 $ 210,797 $ 201,124 Costs to Fulfill a Contract Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $11,783,000 and $13,265,000 as of March 31, 2024 and December 31, 2023, respectively. Accounts Receivable, Contract Assets, and Contract Liabilities Accounts receivable represent amounts billed and currently due from customers which are reported at their net estimated realizable value. The Company maintains an allowance against its accounts receivable for credit losses. Contract assets consist of unbilled revenue which arises when revenue is recognized in advance of billing for certain application-specific customer solutions contracts. Contract liabilities consist of deferred revenue and customer deposits which arise when amounts are billed to or collected from customers in advance of revenue recognition. The following table summarizes the allowance for credit losses activity for the three-month period ended March 31, 2024 (in thousands): Balance as of December 31, 2023 $ 583 Write-offs, net of recoveries 17 Foreign exchange rate changes 1 Balance as of March 31, 2024 $ 601 The following table summarizes the deferred revenue and customer deposits activity for the three-month period ended March 31, 2024 (in thousands): Balance as of December 31, 2023 $ 31,525 Deferral of revenue billed in the current period, net of recognition 24,921 Recognition of revenue deferred in prior period (16,184) Foreign exchange rate changes (279) Balance as of March 31, 2024 $ 39,983 As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations for our contracts that have an original expected duration of less than one year. The remaining unsatisfied performance obligations for our contracts that have an original expected duration of more than one year, primarily related to extended warranties, are not material.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Stock-Based Compensation Expense Stock Plans The Company’s stock-based awards that result in compensation expense consist of stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs"). In May 2023, the shareholders of the Company approved the Cognex Corporation 2023 Stock Option and Incentive Plan (the “2023 Plan”). The 2023 Plan permits awards of stock options (both incentive and non-qualified options), stock appreciation rights, RSUs, and PRSUs. Up to 8,100,000 shares of common stock (subject to adjustment in the event of stock splits and other similar events) may be issued pursuant to awards granted under the 2023 Plan. In connection with the approval of the 2023 Plan, no further awards will be made under the Cognex Corporation 2001 General Stock Option Plan, as amended and restated (the “2001 Plan”), and the Cognex Corporation 2007 Stock Option and Incentive Plan, as amended and restated (the “2007 Plan”). With the approval of the 2023 Plan, the 10,610,800 shares of common stock subject to awards granted under the 2001 Plan and the 2007 Plan that were outstanding as of May 3, 2023 may become eligible for issuance under the 2023 Plan if such awards are forfeited, cancelled or otherwise terminated (other than by exercise) (the “Carryover Shares”). As of March 31, 2024, forfeitures, cancellations, and other terminations from the 2001 Plan and the 2007 Plan have resulted in 707,900 Carryover Shares, raising the authorized total shares that may be issued under the 2023 Plan to 8,807,900 . As of March 31, 2024, the Company had 6,001,000 shares available for grant under its stock plans. Stock options are granted with an exercise price equal to the market value of the Company’s common stock at the grant date and generally vest over four three three Stock Options The following table summarizes the Company’s stock option activity for the three-month period ended March 31, 2024: Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2023 9,008 $ 50.87 Granted 1,523 39.44 Exercised (56) 19.87 Forfeited or expired (330) 57.58 Outstanding as of March 31, 2024 10,145 $ 49.11 6.30 $ 21,531 Exercisable as of March 31, 2024 5,973 $ 49.04 4.56 $ 15,941 Options vested or expected to vest as of March 31, 2024 (1) 9,405 $ 49.28 6.09 $ 20,336 (1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options. The total cash received as a result of stock option exercises for the three-month periods ended March 31, 2024 and April 2, 2023 were $1,121,000 and $3,976,000, respectively. In connection with these exercises, the tax benefit (expense) realized by the Company for the three-month periods ended March 31, 2024 and April 2, 2023 was $(29,000) and $(1,466,000), respectively. The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions: Three-months Ended March 31, 2024 April 2, 2023 Risk-free rate 4.3 % 4.0 % Expected dividend yield 0.76 % 0.59 % Expected volatility 39 % 39 % Expected term (in years) 4.7 4.3 Risk-free rate The risk-free rate was based upon a treasury instrument whose term was consistent with the contractual term of the option. Expected dividend yield The current dividend yield was calculated by annualizing the cash dividend declared by the Company’s Board of Directors and dividing that result by the closing stock price on the grant date. Expected volatility The expected volatility was based upon a combination of historical volatility of the Company’s common stock over the contractual term of the option and implied volatility for traded options of the Company’s stock. Expected term The expected term was derived from the binomial lattice model from the impact of events that trigger exercises over time. The weighted-average grant-date fair values of stock options granted during the three-month periods ended March 31, 2024 and April 2, 2023 were $14.66 and $17.79, respectively. The total intrinsic values of stock options exercised for the three-month periods ended March 31, 2024 and April 2, 2023 were $1,055,000 and $3,439,000, respectively. The total fair values of stock options vested for the three-month periods ended March 31, 2024 and April 2, 2023 were $25,807,000 and $31,181,000, respectively. Restricted Stock Units (RSUs) The following table summarizes the Company's RSUs activity for the three-month period ended March 31, 2024: Shares Weighted-Average Nonvested as of December 31, 2023 1,429 $ 54.22 Granted 765 38.82 Vested (339) 65.45 Forfeited or expired (36) 52.43 Nonvested as of March 31, 2024 1,819 $ 45.68 The fair value of RSUs is determined based on the observable market price of the Company's stock on the grant date less the present value of expected future dividends. The weighted-average grant-date fair values of RSUs granted during the three-month periods ended March 31, 2024 and April 2, 2023 were $38.82 and $46.61, respectively. There were 339,000 and 453,000 RSUs that vested during the three-month periods ended March 31, 2024 and April 2, 2023, respectively. Tax obligations for vested RSUs are settled by withholding a portion of the shares prior to distribution to the shareholder. The total cash used by the Company to fund the tax payments for the three-month periods ended March 31, 2024 and April 2, 2023 were $3,981,000 and $7,032,000, respectively. In connection with these vested RSUs, the tax benefit (expense) realized by the Company for the three-month periods ended March 31, 2024 and April 2, 2023 was $(4,793,000) and $(2,718,000), respectively. Performance Restricted Stock Units (PRSUs) The following table summarizes the Company's PRSUs activity for the three-month period ended March 31, 2024: Shares Weighted-Average Nonvested as of December 31, 2023 79 $ 52.23 Granted 55 39.05 Vested — — Forfeited or expired — — Nonvested as of March 31, 2024 134 $ 46.82 The fair value of PRSUs is calculated using the Monte Carlo simulation model to estimate the probability of satisfying the service and market conditions stipulated in the award grant. There were 55,000 and 46,000 PRSUs granted during the three-month periods ended March 31, 2024 and April 2, 2023, respectively. No PRSUs vested during the three-month periods ended March 31, 2024 and April 2, 2023. Stock-Based Compensation Expense The Company stratifies its employee population into three groups: one consisting of the CEO, one consisting of senior management, and another consisting of all other employees. The Company currently applies an estimated annual forfeiture rate of 0% to all stock-based awards for the CEO, 9% to all stock-based awards for senior management, and a rate of 13% for all other employees. Each year during the first quarter, the Company revises its forfeiture rate based on updated estimates of employee turnover. This resulted in a decrease to compensation expense of $1,832,000 and $234,000 during the three-month periods ended March 31, 2024 and April 2, 2023, respectively. As of March 31, 2024, total unrecognized compensation expense, net of estimated forfeitures, related to non-vested equity awards, including stock options, RSUs, and PRSUs, was $86,273,000, which is expected to be recognized over a weighted-average period of 2.1 years. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended March 31, 2024 were $13,302,000 and $1,745,000, respectively. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended April 2, 2023 were $16,579,000 and $2,308,000, respectively. No compensation expense was capitalized as of March 31, 2024 or December 31, 2023. The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands): Three-months Ended March 31, 2024 April 2, 2023 Cost of revenue $ 605 $ 621 Research, development, and engineering 4,389 5,890 Selling, general, and administrative 8,308 10,068 $ 13,302 $ 16,579

Stock Repurchase Program

Stock Repurchase Program	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stock Repurchase Program	Stock Repurchase ProgramIn March 2022, the Company's Board of Directors authorized the repurchase of $500,000,000 of the Company's common stock. Under this March 2022 program, the Company repurchased 479,000 shares at a total cost of $24,178,000 during the three-month period ended April 2, 2023 and 231,000 shares at a total cost of $9,339,000 during the three-month period ended March 31, 2024, leaving a remaining balance of $323,553,000 as of March 31, 2024. The Company may repurchase shares under this program in future periods depending on a variety of factors, including, among other things, the impact of dilution from employee stock awards, stock price, share availability, and cash requirements. The Company is authorized to make repurchases of its common stock through open market purchases, pursuant to Rule 10b5-1 trading plans, or in privately negotiated transactions.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was 32% and 2% for the three-month periods ended March 31, 2024 and April 2, 2023, respectively. The Company has defined its major tax jurisdictions as the United States, Ireland, China, Japan, and Korea, and within the United States, Massachusetts. The statutory tax rate is 12.5% in Ireland, 25% in China, 34.6% in Japan, and 21% in Korea, compared to the U.S. federal statutory corporate tax rate of 21%. These foreign tax rate differences resulted in a favorable impact to the effective tax rate for both the three-month periods ended March 31, 2024 and April 2, 2023. The Company recorded a net discrete tax expense totaling $3,085,000 for the three-month period ended March 31, 2024, and a net discrete tax benefit totaling $3,594,000 for the same period in 2023. Discrete tax items for the three-month period ended March 31, 2024 included (1) an increase in tax expense of $1,123,000 related to stock-based compensation; (2) an increase in tax expense of $458,000 related to state tax matters; (3) an increase in tax expense of $458,000 for interest expense related to tax reserves; and (4) a net increase in tax expense of $1,046,000 for other tax matters. Discrete tax items for the three-month period ended April 2, 2023 included (1) an increase in tax expense of $1,068,000 related to stock-based compensation; (2) a decrease in tax expense of $2,292,000 for releasing tax reserves on state tax credits; (3) a decrease in tax expense of $2,198,000 for adjustments to certain deferred tax assets; and (4) a decrease in tax expense of $172,000 for return-to-provision adjustments. The Company’s reserve for income taxes, including gross interest and penalties, was $30,511,000 as of March 31, 2024, of which $28,144,000 was classified as a non-current liability and $2,367,000 was classified as an offset to deferred tax assets. If the Company’s tax positions were sustained or the statutes of limitations related to certain positions expired, these reserves would be released and income tax expense would be reduced in a future period. Within the United States, the tax years 2020 through 2022 remain open to examination by the IRS, and 2019 through 2022 remain open to examination by various state tax authorities. The tax years 2017 through 2023 remain open to examination by various international taxing authorities in other jurisdictions in which the Company operates. In October 2021, more than 135 countries and jurisdictions agreed to participate in a "two-pillar" international tax approach developed by the Organisation for Economic Co-operation and Development (OECD), which includes establishing a global minimum corporate tax rate of 15%. The OECD published "Tax Challenges Arising from the Digitalisation of the Economy — Global Anti-Base Erosion Model Rules (Pillar Two)" in December 2021 and subsequently issued additional commentary and administrative guidance clarifying several aspects of the model rules. Since the model rules have been released, many countries have now enacted Pillar Two-related laws, some of which became effective January 1, 2024, and it is anticipated that more countries will follow suit throughout 2024. As of March 31, 2024, the Company does not expect Pillar Two taxes to have a significant impact on its 2024 financial statements.

Weighted-Average Shares

Weighted-Average Shares	3 Months Ended
	Apr. 02, 2023
Earnings Per Share [Abstract]
Weighted-Average Shares	Weighted-Average Shares Weighted-average shares were calculated as follows (in thousands): Three-months Ended March 31, 2024 April 2, 2023 Basic weighted-average common shares outstanding 171,692 172,624 Effect of dilutive equity awards 902 1,279 Weighted-average common and common-equivalent shares outstanding 172,594 173,903 Stock options to purchase 8,176,000 and 6,515,000 shares of common stock, on a weighted-average basis, were outstanding during the three-month periods ended March 31, 2024 and April 2, 2023, respectively, but were not included in the calculation of dilutive net income per share because they were anti-dilutive. Restricted stock units totaling 1,000 and 10,000 shares of common stock, on a weighted-average basis, were outstanding during the three-month periods ended March 31, 2024 and April 2, 2023, respectively, but were not included in the calculation of dilutive net income per share because they were anti-dilutive. No PRSUs were excluded in the calculation of dilutive net income per share for the three-month periods ended March 31, 2024 and April 2, 2023, as PRSUs were not anti-dilutive on a weighted-average basis.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations On October 18, 2023, the Company acquired all the outstanding shares of Moritex Corporation ("Moritex"), a global provider of premium optical components based in Japan, for an enterprise value of ¥40 billion Japanese Yen, or approximately $270 million U.S. Dollars based on the closing date foreign exchange rate. The cash-free, debt-free enterprise value was adjusted by cash acquired, debt assumed, and final working capital balances to arrive at total consideration to be allocated to assets acquired and liabilities assumed of ¥44,376,245,000 ($296,138,000 based on the closing date foreign exchange rate), of which ¥44,227,414,000 ($295,144,000) was paid in cash on the closing date and ¥148,831,000 ($994,000) was paid during the three-month period ended March 31, 2024 as a final purchase price adjustment based on the closing balance sheet.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 2, 2024, the Company’s Board of Directors declared a cash dividend of $0.075 per share. The dividend is payable on May 30, 2024 to all shareholders of record as of the close of business on May 16, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Pay vs Performance Disclosure
Net income	$ 12,022	$ 25,615

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
New Pronouncements	New Pronouncements Accounting Standards Update (ASU) 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" The amendments in this ASU apply to all entities that are subject to Topic 740, Income Taxes. The amendments require public business entities to disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. They also require all entities to disclose income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions in which income taxes paid, net of refunds received, is equal to or greater than five percent of total income taxes paid. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. The amendments in this ASU should be applied on a prospective basis. Management does not expect ASU 2023-09 to have a material impact on the Company's financial statements and disclosures. Accounting Standards Update (ASU) 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" The amendments in this ASU apply to all public entities, including public entities with a single reportable segment, that are required to report segment information in accordance with Topic 280, Segment Reporting. The amendments require public business entities to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the amendments require disclosure of significant segment expenses and other segment items, as well as incremental qualitative disclosures. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods with fiscal years beginning after December 15, 2024. The amendments in the ASU should be applied on a retrospective basis. We did not early adopt ASU 2023-07. Management does not expect ASU 2023-07 to have a material impact on the Company's financial statements and disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table summarizes the financial assets and liabilities required to be measured at fair value on a recurring basis as of March 31, 2024 (in thousands): Quoted Prices in Significant Other Unobservable Inputs (Level 3) Assets: Money market instruments $ 667 $ — $ — Corporate bonds — 353,745 — Treasury notes — 45,053 — Asset-backed securities — 16,995 — Certificate of deposit — 6,429 — Treasury bills — 3,499 — Sovereign bonds — 1,967 — Economic hedge forward contracts — 22 — Liabilities: Economic hedge forward contracts — 221 —

Cash, Cash Equivalents, and I_2

Cash, Cash Equivalents, and Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Components of Cash, Cash Equivalents, and Investments	Cash, cash equivalents, and investments consisted of the following (in thousands): March 31, 2024 December 31, 2023 Cash $ 128,264 $ 183,242 Certificate of deposit 6,429 — Treasury bills 3,499 — Money market instruments 667 19,413 Cash and cash equivalents 138,859 202,655 Corporate bonds 134,032 124,851 Asset-backed securities 4,309 3,551 Sovereign bonds 993 990 Current investments 139,334 129,392 Corporate bonds 219,713 183,965 Treasury notes 45,053 43,523 Asset-backed securities 12,686 15,763 Sovereign bonds 974 979 Non-current investments 278,426 244,230 $ 556,619 $ 576,277
Summary of Available-for-Sale Investments	The following table summarizes the Company’s available-for-sale investments as of March 31, 2024 (in thousands): Amortized Gross Gross Fair Value Current: Corporate bonds $ 136,479 $ — $ (2,447) $ 134,032 Asset-backed securities 4,391 — (82) 4,309 Sovereign bonds 1,006 — (13) 993 Non-current: Corporate bonds 225,074 175 (5,536) 219,713 Treasury notes 45,760 — (707) 45,053 Asset-backed securities 13,512 — (826) 12,686 Sovereign bonds 1,030 — (56) 974 $ 427,252 $ 175 $ (9,667) $ 417,760 The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands): Amortized Gross Gross Fair Value Current: Corporate bonds $ 128,150 $ — $ (3,299) $ 124,851 Asset-backed securities 3,637 — (86) 3,551 Sovereign bonds 1,012 — (22) 990 Non-current: Corporate bonds 189,326 506 (5,867) 183,965 Treasury notes 43,654 82 (213) 43,523 Asset-backed securities 16,773 — (1,010) 15,763 Sovereign bonds 1,037 — (58) 979 $ 383,589 $ 588 $ (10,555) $ 373,622
Gross Unrealized Losses and Fair Values for Available-for-Sale Investments	The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of March 31, 2024 (in thousands): Unrealized Loss Position For: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 95,052 $ (1,087) $ 222,979 $ (6,896) $ 318,031 $ (7,983) Treasury notes 42,612 (647) 2,441 (60) 45,053 (707) Asset-backed securities 14,742 (860) 2,252 (48) 16,994 (908) Sovereign bonds — — 1,968 (69) 1,968 (69) $ 152,406 $ (2,594) $ 229,640 $ (7,073) $ 382,046 $ (9,667)
Realized Gain (Loss) on Investments	The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month periods ended March 31, 2024 and April 2, 2023 (in thousands): Three-months Ended March 31, 2024 April 2, 2023 Gross realized gains $ 2 $ — Gross realized losses — — Net realized gains (losses) $ 2 $ —
Effective Maturity Dates of Available-for-Sale Investments	The following table presents the effective maturity dates of the Company’s available-for-sale investments as of March 31, 2024 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-8 Years Total Corporate bonds $ 134,032 $ 57,463 $ 59,120 $ 58,225 $ 44,905 $ — $ 353,745 Treasury notes — 3,429 14,097 22,829 4,698 — 45,053 Asset-backed securities 4,309 6,486 — — — 6,200 16,995 Sovereign bonds 993 974 — — — — 1,967 $ 139,334 $ 68,352 $ 73,217 $ 81,054 $ 49,603 $ 6,200 $ 417,760

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): March 31, 2024 December 31, 2023 Raw materials $ 106,506 $ 93,201 Work-in-process 3,241 5,747 Finished goods 61,124 63,337 $ 170,871 $ 162,285

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	Future operating lease cash payments are as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2024 $ 10,392 2025 12,093 2026 10,031 2027 9,171 2028 8,721 2029 8,137 Thereafter 44,658 $ 103,203

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying value of goodwill were as follows (in thousands): Balance as of December 31, 2023 $ 393,181 Foreign exchange rate changes (7,024) Balance as of March 31, 2024 $ 386,157

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Amortized intangible assets consisted of the following (in thousands): Gross Accumulated Net Customer relationships $ 72,775 $ (6,587) $ 66,188 Completed technologies 60,160 (22,112) 38,048 Trademarks 842 (117) 725 Non-compete agreements 340 (247) 93 Balance as of March 31, 2024 $ 134,117 $ (29,063) $ 105,054 Gross Accumulated Net Customer relationships $ 75,965 $ (5,352) $ 70,613 Completed technologies 62,123 (20,745) 41,378 Trademarks 903 (50) 853 Non-compete agreements 340 (232) 108 Balance as of December 31, 2023 $ 139,331 $ (26,379) $ 112,952
Schedule of Intangible Assets, Future Amortization Expense	As of March 31, 2024, estimated future amortization expense related to intangible assets was as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2024 $ 8,179 2025 10,615 2026 10,310 2027 9,587 2028 8,857 2029 8,857 Thereafter 48,649 $ 105,054

Warranty Obligations (Tables)

Warranty Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
Changes in Warranty Obligations	The changes in the warranty obligation were as follows (in thousands): Balance as of December 31, 2023 $ 4,244 Provisions for warranties issued during the period 1,157 Fulfillment of warranty obligations (939) Foreign exchange rate changes (9) Balance as of March 31, 2024 $ 4,453

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Forward Contracts Table	The Company had the following outstanding forward contracts (in thousands): March 31, 2024 December 31, 2023 Currency Notional USD Notional USD Derivatives Not Designated as Hedging Instruments: Singapore Dollar 39,950 $ 29,652 39,700 $ 30,136 Euro 18,500 19,940 40,000 44,302 Mexican Peso 205,000 12,273 145,000 8,505 Chinese Renminbi 50,000 6,886 50,000 7,025 Hungarian Forint 2,250,000 6,152 2,240,000 6,466 British Pound 3,330 4,229 3,345 4,258 Japanese Yen 600,000 3,980 600,000 4,255 Swiss Franc 2,400 2,673 — — Canadian Dollar 1,720 1,270 1,470 1,112
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Information regarding the fair value of the outstanding forward contracts was as follows (in thousands): Asset Derivatives Liability Derivatives Balance Fair Value Balance Fair Value Sheet March 31, 2024 December 31, 2023 Sheet March 31, 2024 December 31, 2023 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets $ 22 $ 151 Accrued expenses $ 221 $ 106
Offsetting Assets	The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands): Asset Derivatives Liability Derivatives March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Gross amounts of recognized assets $ 22 $ 151 Gross amounts of recognized liabilities $ 221 $ 106 Gross amounts offset — — Gross amounts offset — — Net amount of assets presented $ 22 $ 151 Net amount of liabilities presented $ 221 $ 106
Derivative Instruments, Gain (Loss)	Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands): Location in Financial Statements Three-months Ended March 31, 2024 April 2, 2023 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ (245) $ (1,471)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands): Three-months Ended March 31, 2024 April 2, 2023 Americas $ 83,135 $ 80,442 Europe 52,354 59,842 Greater China 30,049 33,172 Other Asia 45,259 27,668 $ 210,797 $ 201,124
Revenue from External Customers by Products and Services	The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended March 31, 2024 April 2, 2023 Standard products and services $ 187,632 $ 190,783 Application-specific customer solutions 23,165 10,341 $ 210,797 $ 201,124
Schedule of Allowance for Credit Loss Activity	The following table summarizes the allowance for credit losses activity for the three-month period ended March 31, 2024 (in thousands): Balance as of December 31, 2023 $ 583 Write-offs, net of recoveries 17 Foreign exchange rate changes 1 Balance as of March 31, 2024 $ 601
Deferred Revenue, by Arrangement, Disclosure	The following table summarizes the deferred revenue and customer deposits activity for the three-month period ended March 31, 2024 (in thousands): Balance as of December 31, 2023 $ 31,525 Deferral of revenue billed in the current period, net of recognition 24,921 Recognition of revenue deferred in prior period (16,184) Foreign exchange rate changes (279) Balance as of March 31, 2024 $ 39,983

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted	The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions: Three-months Ended March 31, 2024 April 2, 2023 Risk-free rate 4.3 % 4.0 % Expected dividend yield 0.76 % 0.59 % Expected volatility 39 % 39 % Expected term (in years) 4.7 4.3
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes the Company's RSUs activity for the three-month period ended March 31, 2024: Shares Weighted-Average Nonvested as of December 31, 2023 1,429 $ 54.22 Granted 765 38.82 Vested (339) 65.45 Forfeited or expired (36) 52.43 Nonvested as of March 31, 2024 1,819 $ 45.68
Schedule of Nonvested Performance-based Units Activity	The following table summarizes the Company's PRSUs activity for the three-month period ended March 31, 2024: Shares Weighted-Average Nonvested as of December 31, 2023 79 $ 52.23 Granted 55 39.05 Vested — — Forfeited or expired — — Nonvested as of March 31, 2024 134 $ 46.82
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands): Three-months Ended March 31, 2024 April 2, 2023 Cost of revenue $ 605 $ 621 Research, development, and engineering 4,389 5,890 Selling, general, and administrative 8,308 10,068 $ 13,302 $ 16,579

Weighted-Average Shares (Tables

Weighted-Average Shares (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Calculation of Weighted-Average Shares	Weighted-average shares were calculated as follows (in thousands): Three-months Ended March 31, 2024 April 2, 2023 Basic weighted-average common shares outstanding 171,692 172,624 Effect of dilutive equity awards 902 1,279 Weighted-average common and common-equivalent shares outstanding 172,594 173,903

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Financial assets at fair value	$ 417,760	$ 373,622
Corporate bonds
Assets:
Financial assets at fair value	353,745
Treasury notes
Assets:
Financial assets at fair value	45,053
Asset-backed securities
Assets:
Financial assets at fair value	16,995
Sovereign bonds
Assets:
Financial assets at fair value	1,967
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring
Assets:
Money market instruments	667
Certificate of deposit	0
Economic hedge forward contracts	0
Liabilities:
Economic hedge forward contracts	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Treasury bills
Assets:
Cash and cash equivalents	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Corporate bonds
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Treasury notes
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Asset-backed securities
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Sovereign bonds
Assets:
Financial assets at fair value	0
Significant Other Observable Inputs (Level 2) | Recurring
Assets:
Money market instruments	0
Certificate of deposit	6,429
Economic hedge forward contracts	22
Liabilities:
Economic hedge forward contracts	221
Significant Other Observable Inputs (Level 2) | Recurring | Treasury bills
Assets:
Cash and cash equivalents	3,499
Significant Other Observable Inputs (Level 2) | Recurring | Corporate bonds
Assets:
Financial assets at fair value	353,745
Significant Other Observable Inputs (Level 2) | Recurring | Treasury notes
Assets:
Financial assets at fair value	45,053
Significant Other Observable Inputs (Level 2) | Recurring | Asset-backed securities
Assets:
Financial assets at fair value	16,995
Significant Other Observable Inputs (Level 2) | Recurring | Sovereign bonds
Assets:
Financial assets at fair value	1,967
Unobservable Inputs (Level 3) | Recurring
Assets:
Money market instruments	0
Certificate of deposit	0
Economic hedge forward contracts	0
Liabilities:
Economic hedge forward contracts	0
Unobservable Inputs (Level 3) | Recurring | Treasury bills
Assets:
Cash and cash equivalents	0
Unobservable Inputs (Level 3) | Recurring | Corporate bonds
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) | Recurring | Treasury notes
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) | Recurring | Asset-backed securities
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) | Recurring | Sovereign bonds
Assets:
Financial assets at fair value	$ 0

Cash, Cash Equivalents, and I_3

Cash, Cash Equivalents, and Investments - Components of Cash, Cash Equivalents, and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale
Cash and cash equivalents	$ 138,859	$ 202,655
Current investments	139,334	129,392
Non-current investments	278,426	244,230
Total	556,619	576,277
Cash
Debt Securities, Available-for-sale
Cash and cash equivalents	128,264	183,242
Certificate of deposit
Debt Securities, Available-for-sale
Cash and cash equivalents	6,429	0
Treasury bills
Debt Securities, Available-for-sale
Cash and cash equivalents	3,499	0
Money market instruments
Debt Securities, Available-for-sale
Cash and cash equivalents	667	19,413
Corporate bonds
Debt Securities, Available-for-sale
Current investments	134,032	124,851
Long-term investments	219,713	183,965
Asset-backed securities
Debt Securities, Available-for-sale
Current investments	4,309	3,551
Long-term investments	12,686	15,763
Treasury notes
Debt Securities, Available-for-sale
Long-term investments	45,053	43,523
Sovereign bonds
Debt Securities, Available-for-sale
Current investments	993	990
Long-term investments	$ 974	$ 979

Cash, Cash Equivalents, and I_4

Cash, Cash Equivalents, and Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, allowance for credit loss	$ 0		$ 0
Gross realized gains	2	$ 0
Gross realized losses	0	$ 0
Other current assets
Cash and Cash Equivalents [Line Items]
Accrued interest receivable	$ 4,119		$ 3,169

Cash, Cash Equivalents, and I_5

Cash, Cash Equivalents, and Investments - Summary of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale
Amortized Cost	$ 427,252	$ 383,589
Gross Unrealized Gains	175	588
Gross Unrealized Losses	(9,667)	(10,555)
Fair Value	417,760	373,622
Corporate bonds
Debt Securities, Available-for-sale
Fair Value	353,745
Corporate bonds | Current assets
Debt Securities, Available-for-sale
Amortized Cost	136,479	128,150
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2,447)	(3,299)
Fair Value	134,032	124,851
Corporate bonds | Non-current assets
Debt Securities, Available-for-sale
Amortized Cost	225,074	189,326
Gross Unrealized Gains	175	506
Gross Unrealized Losses	(5,536)	(5,867)
Fair Value	219,713	183,965
Asset-backed securities
Debt Securities, Available-for-sale
Fair Value	16,995
Asset-backed securities | Current assets
Debt Securities, Available-for-sale
Amortized Cost	4,391	3,637
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(82)	(86)
Fair Value	4,309	3,551
Asset-backed securities | Non-current assets
Debt Securities, Available-for-sale
Amortized Cost	13,512	16,773
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(826)	(1,010)
Fair Value	12,686	15,763
Treasury notes
Debt Securities, Available-for-sale
Fair Value	45,053
Treasury notes | Non-current assets
Debt Securities, Available-for-sale
Amortized Cost	45,760	43,654
Gross Unrealized Gains	0	82
Gross Unrealized Losses	(707)	(213)
Fair Value	45,053	43,523
Sovereign bonds
Debt Securities, Available-for-sale
Fair Value	1,967
Sovereign bonds | Current assets
Debt Securities, Available-for-sale
Amortized Cost	1,006	1,012
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(13)	(22)
Fair Value	993	990
Sovereign bonds | Non-current assets
Debt Securities, Available-for-sale
Amortized Cost	1,030	1,037
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(56)	(58)
Fair Value	$ 974	$ 979

Cash, Cash Equivalents, and I_6

Cash, Cash Equivalents, and Investments - Gross Unrealized Losses and Fair Values for Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale
Fair value, less than 12 months	$ 152,406	$ 68,557
Unrealized losses, less than 12 months	(2,594)	(1,561)
Fair value, 12 months or greater	229,640	233,304
Unrealized losses, 12 months or greater	(7,073)	(8,994)
Total fair value	382,046	301,861
Total unrealized Losses	(9,667)	(10,555)
Corporate bonds
Debt Securities, Available-for-sale
Fair value, less than 12 months	95,052	30,770
Unrealized losses, less than 12 months	(1,087)	(359)
Fair value, 12 months or greater	222,979	226,643
Unrealized losses, 12 months or greater	(6,896)	(8,807)
Total fair value	318,031	257,413
Total unrealized Losses	(7,983)	(9,166)
Treasury notes
Debt Securities, Available-for-sale
Fair value, less than 12 months	42,612	20,725
Unrealized losses, less than 12 months	(647)	(153)
Fair value, 12 months or greater	2,441	2,441
Unrealized losses, 12 months or greater	(60)	(60)
Total fair value	45,053	23,166
Total unrealized Losses	(707)	(213)
Asset-backed securities
Debt Securities, Available-for-sale
Fair value, less than 12 months	14,742	17,062
Unrealized losses, less than 12 months	(860)	(1,049)
Fair value, 12 months or greater	2,252	2,252
Unrealized losses, 12 months or greater	(48)	(47)
Total fair value	16,994	19,314
Total unrealized Losses	(908)	(1,096)
Sovereign bonds
Debt Securities, Available-for-sale
Fair value, less than 12 months	0	0
Unrealized losses, less than 12 months	0	0
Fair value, 12 months or greater	1,968	1,968
Unrealized losses, 12 months or greater	(69)	(80)
Total fair value	1,968	1,968
Total unrealized Losses	$ (69)	$ (80)

Cash, Cash Equivalents, and I_7

Cash, Cash Equivalents, and Investments - Gross Realized Gains and Losses on the Sale of Debt Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Cash and Cash Equivalents [Abstract]
Gross realized gains	$ 2	$ 0
Gross realized losses	0	0
Net realized gains (losses)	$ 2	$ 0

Cash, Cash Equivalents, and I_8

Cash, Cash Equivalents, and Investments - Effective Maturity Dates of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale
less than 1 year	$ 139,334
1-2 Years	68,352
2-3 Years	73,217
3-4 Years	81,054
4-5 Years	49,603
5-8 Years	6,200
Total	417,760	$ 373,622
Corporate bonds
Debt Securities, Available-for-sale
less than 1 year	134,032
1-2 Years	57,463
2-3 Years	59,120
3-4 Years	58,225
4-5 Years	44,905
5-8 Years	0
Total	353,745
Treasury notes
Debt Securities, Available-for-sale
less than 1 year	0
1-2 Years	3,429
2-3 Years	14,097
3-4 Years	22,829
4-5 Years	4,698
5-8 Years	0
Total	45,053
Asset-backed securities
Debt Securities, Available-for-sale
less than 1 year	4,309
1-2 Years	6,486
2-3 Years	0
3-4 Years	0
4-5 Years	0
5-8 Years	6,200
Total	16,995
Sovereign bonds
Debt Securities, Available-for-sale
less than 1 year	993
1-2 Years	974
2-3 Years	0
3-4 Years	0
4-5 Years	0
5-8 Years	0
Total	$ 1,967

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 106,506	$ 93,201
Work-in-process	3,241	5,747
Finished goods	61,124	63,337
Inventories	$ 170,871	$ 162,285

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2023 ft² lease_component	Mar. 31, 2024 USD ($)	Apr. 02, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, cost		$ 3,563	$ 2,392
Operating lease, payments		3,208	2,404
Lease, cost		82	$ 24
Operating lease liability		77,165		$ 78,601
Operating lease assets		74,113		$ 75,115
Future lease payments		103,203
Remainder of fiscal 2024		$ 10,392
Weighted average discount rate		5.70%		5.70%
Weighted average remaining lease term		10 years 3 months 18 days		10 years 6 months
Singapore
Lessee, Lease, Description [Line Items]
Lease components | lease_component	2
Singapore | 88,000 square-foot premises
Lessee, Lease, Description [Line Items]
Rentable area | ft²	88
Singapore | 27,000 square-foot premises
Lessee, Lease, Description [Line Items]
Rentable area | ft²	27
Term of contract	8 years
Option to renew, term of contract	5 years
Future lease payments		$ 13,231
Remainder of fiscal 2024		$ 0

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
Remainder of fiscal 2024	$ 10,392
2025	12,093
2026	10,031
2027	9,171
2028	8,721
2029	8,137
Thereafter	44,658
Total	$ 103,203

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2023	$ 393,181
Foreign exchange rate changes	(7,024)
Balance as of March 31, 2024	$ 386,157

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	$ 134,117	$ 139,331
Accumulated Amortization	(29,063)	(26,379)
Net Carrying Value	105,054	112,952
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	105,054	112,952
Indefinite-lived intangible asset excluding in-process technologies
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Net Carrying Value	105,054
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of fiscal 2024	8,179
2025	10,615
2026	10,310
2027	9,587
2028	8,857
2029	8,857
Thereafter	48,649
Net Carrying Value	105,054
Customer relationships
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	72,775	75,965
Accumulated Amortization	(6,587)	(5,352)
Net Carrying Value	66,188	70,613
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	66,188	70,613
Completed technologies
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	60,160	62,123
Accumulated Amortization	(22,112)	(20,745)
Net Carrying Value	38,048	41,378
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	38,048	41,378
Trademarks
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	842	903
Accumulated Amortization	(117)	(50)
Net Carrying Value	725	853
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	725	853
Non-compete agreements
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	340	340
Accumulated Amortization	(247)	(232)
Net Carrying Value	93	108
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	$ 93	$ 108

Warranty Obligations (Detail)

Warranty Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 4,244
Provisions for warranties issued during the period	1,157
Fulfillment of warranty obligations	(939)
Standard Product Warranty Accrual, Foreign Currency Translation Gain (Loss)	9
Ending balance	4,453
Revenue	$ 210,797	$ 201,124

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding purchase orders	$ 40,843

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Remaining maturity of foreign currency derivatives (up to)	3 months
Gains (losses) recognized in current operations	$ (245)	$ (1,471)

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Forward Contracts Table (Details) - Not Designated as Hedging Instrument € in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, SFr in Thousands, Ft in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands

Mar. 31, 2024 SGD ($)

Mar. 31, 2024 USD ($)

Mar. 31, 2024 EUR (€)

Mar. 31, 2024 MXN ($)

Mar. 31, 2024 CNY (¥)

Mar. 31, 2024 HUF (Ft)

Mar. 31, 2024 GBP (£)

Mar. 31, 2024 JPY (¥)

Mar. 31, 2024 CHF (SFr)

Mar. 31, 2024 CAD ($)

Dec. 31, 2023 SGD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2023 EUR (€)

Dec. 31, 2023 MXN ($)

Dec. 31, 2023 CNY (¥)

Dec. 31, 2023 HUF (Ft)

Dec. 31, 2023 GBP (£)

Dec. 31, 2023 JPY (¥)

Dec. 31, 2023 CHF (SFr)

Dec. 31, 2023 CAD ($)

Japanese Yen

Derivative [Line Items]

Outstanding forward contracts

$ 3,980

¥ 600,000

$ 4,255

¥ 600,000

Euro

Derivative [Line Items]

Outstanding forward contracts

19,940

€ 18,500

44,302

€ 40,000

Singapore Dollar

Derivative [Line Items]

Outstanding forward contracts

$ 39,950

29,652

$ 39,700

30,136

Chinese Renminbi

Derivative [Line Items]

Outstanding forward contracts

6,886

¥ 50,000

7,025

¥ 50,000

Mexican Peso

Derivative [Line Items]

Outstanding forward contracts

12,273

$ 205,000

8,505

$ 145,000

Hungarian Forint

Derivative [Line Items]

Outstanding forward contracts

6,152

Ft 2,250,000

6,466

Ft 2,240,000

British Pound

Derivative [Line Items]

Outstanding forward contracts

4,229

£ 3,330

4,258

£ 3,345

Canadian Dollar

Derivative [Line Items]

Outstanding forward contracts

1,270

$ 1,720

1,112

$ 1,470

Swiss Franc

Derivative [Line Items]

Outstanding forward contracts

$ 2,673

SFr 2,400

$ 0

SFr 0

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative asset	$ 22	$ 151
Derivative liability	221	106
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative asset	22	151
Derivative liability	$ 221	$ 106

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross amounts of recognized assets	$ 22	$ 151
Gross amounts offset	0	0
Net amount of assets presented	22	151
Gross amounts of recognized liabilities	221	106
Gross amounts offset	0	0
Net amount of liabilities presented	$ 221	$ 106

Derivative Instruments - Deriva

Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in current operations	$ (245)	$ (1,471)

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 210,797	$ 201,124
Americas
Disaggregation of Revenue [Line Items]
Revenue	83,135	80,442
Europe
Disaggregation of Revenue [Line Items]
Revenue	52,354	59,842
Greater China
Disaggregation of Revenue [Line Items]
Revenue	30,049	33,172
Other Asia
Disaggregation of Revenue [Line Items]
Revenue	$ 45,259	$ 27,668

Revenue Recognition - Revenue_2

Revenue Recognition - Revenue Disaggregated by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Revenue from External Customer [Line Items]
Revenue	$ 210,797	$ 201,124
Standard products and services
Revenue from External Customer [Line Items]
Revenue	187,632	190,783
Application-specific customer solutions
Revenue from External Customer [Line Items]
Revenue	$ 23,165	$ 10,341

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Costs to fulfill contract	$ 11,783	$ 13,265

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Allowance for Credit Loss (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of December 31, 2023	$ 583
Write-offs, net of recoveries	17
Foreign exchange rate changes	1
Balance as of March 31, 2024	$ 601

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Movement in Deferred Revenue [Roll Forward]
Balance as of December 31, 2023	$ 31,525
Deferral of revenue billed in the current period, net of recognition	24,921
Recognition of revenue deferred in prior period	(16,184)
Foreign exchange rate changes	(279)
Balance as of March 31, 2024	$ 39,983

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense - Narrative (Details)	3 Months Ended		11 Months Ended
	Mar. 31, 2024 USD ($) group $ / shares shares	Apr. 02, 2023 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) group shares	Dec. 31, 2023 USD ($)	May 03, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from Stock Options Exercised	$ 1,121,000	$ 3,976,000
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit	$ (29,000)	$ (1,466,000)
Weighted-average grant-date fair values (in dollars per share) | $ / shares	$ 14.66	$ 17.79
Total intrinsic value	$ 1,055,000	$ 3,439,000
Total fair values of stock options vest	$ 25,807,000	31,181,000
Groups within the employee population | group	3		3
Estimated forfeiture rate for unvested options for CEO	0		0
Estimated annual forfeiture rate for unvested options for senior management	9%		9%
Estimated annual forfeiture rate for unvested options for all other employees	13%		13%
Decrease in compensation expense due to revised estimated forfeiture rates	$ 1,832,000	234,000
Unrecognized compensation expense	$ 86,273,000		$ 86,273,000
Weighted average period to be recognized	2 years 1 month 6 days
Stock-based compensation expense	$ 13,302,000	16,579,000
Tax benefit from compensation expense	1,745,000	$ 2,308,000
Recognized period costs capitalized	$ 0		$ 0	$ 0
2001 Plan and 2007 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock option plans (in shares) | shares					10,610,800
2023 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares auhtorised for grant under stock option plans (in shares) | shares	8,807,900		8,807,900		8,100,000
Additional shares available for grant under stock option plans (in shares) | shares			707,900
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock option plans (in shares) | shares	6,001,000		6,001,000
Expiration period from grant day	10 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) | $ / shares	$ 38.82	$ 46.61
Vested (in shares) | shares	339,000	453,000
Payment, Tax Withholding, Share-Based Payment Arrangement	$ 3,981,000	$ 7,032,000
Granted (in shares) | shares	765,000
Tax benefit from compensation expense	$ (4,793,000)	$ (2,718,000)
Performance Shares (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans	3 years
Granted (in dollars per share) | $ / shares	$ 39.05
Vested (in shares) | shares	0	0
Granted (in shares) | shares	55,000	46,000
Minimum | General Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans	4 years
Minimum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans	3 years
Maximum | General Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans	5 years
Maximum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans	4 years

Stock-Based Compensation Expe_4

Stock-Based Compensation Expense - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Shares (in thousands)
Outstanding (in shares) | shares	9,008
Granted (in shares) | shares	1,523
Exercised (in shares) | shares	(56)
Forfeited or expired (in shares) | shares	(330)
Outstanding (in shares) | shares	10,145
Exercisable as of reporting date (in shares) | shares	5,973
Options vested or expected to vest as of reporting date (in shares) | shares	9,405
Weighted- Average Exercise Price
Outstanding (in dollars per shares) | $ / shares	$ 50.87
Granted (in dollars per shares) | $ / shares	39.44
Exercised (in dollars per shares) | $ / shares	19.87
Forfeited or expired (in dollars per shares) | $ / shares	57.58
Outstanding (in dollars per shares) | $ / shares	49.11
Exercisable as of reporting date (in dollars per shares) | $ / shares	49.04
Vested and expected to vest (in dollars per shares) | $ / shares	$ 49.28
Weighted- Average Remaining Contractual Term (in years)
Outstanding (in years)	6 years 3 months 18 days
Exercisable (in years)	4 years 6 months 21 days
Options vested or expected to vest (in years)	6 years 1 month 2 days
Aggregate Intrinsic Value (in thousands)
Outstanding | $	$ 21,531
Exercisable | $	15,941
Options vested or expected to vest | $	$ 20,336

Stock-Based Compensation Expe_5

Stock-Based Compensation Expense - Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted (Details)	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free rate	4.30%	4%
Expected dividend yield	0.76%	0.59%
Expected volatility	39%	39%
Expected term (in years)	4 years 8 months 12 days	4 years 3 months 18 days

Stock-Based Compensation Expe_6

Stock-Based Compensation Expense - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Shares (in thousands)
Nonvested as of beginning of period (in shares)	1,429
Granted (in shares)	765
Vested (in shares)	339	453
Forfeited or expired (in shares)	(36)
Nonvested as of end of period (in shares)	1,819
Weighted-Average Grant Date Fair Value
Nonvested as of beginning of period (in dollars per share)	$ 54.22
Granted (in dollars per share)	38.82	$ 46.61
Vested (in dollars per share)	65.45
Forfeited or expired (in dollars per share)	52.43
Nonvested as of end of period (in dollars per share)	$ 45.68

Stock-Based Compensation Expe_7

Stock-Based Compensation Expense - Schedule of Performance Restricted Stock Units (Details) - Performance Shares (PRSUs) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Shares (in thousands)
Nonvested as of beginning of period (in shares)	79
Granted (in shares)	55	46
Vested (in shares)	0	0
Forfeited or expired (in shares)	0
Nonvested as of end of period (in shares)	134
Weighted-Average Grant Date Fair Value
Nonvested as of beginning of period (in dollars per share)	$ 52.23
Granted (in dollars per share)	39.05
Vested (in dollars per share)	0
Forfeited or expired (in dollars per share)	0
Nonvested as of end of period (in dollars per share)	$ 46.82

Stock-Based Compensation Expe_8

Stock-Based Compensation Expense - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 13,302	$ 16,579
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	605	621
Research, development, and engineering
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	4,389	5,890
Selling, general, and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 8,308	$ 10,068

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - Repurchase Program March 2022 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023	Mar. 03, 2022
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ 500,000
Shares repurchased (in shares)	231,000	479,000
Value of shares repurchased at cost	$ 9,339	$ 24,178
Remaining authorized repurchase amount	$ 323,553

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Income Tax Contingency [Line Items]
Effective tax rate	32%	2%
Discrete tax expense (benefit)	$ 3,085	$ 3,594
Increase in tax expense related to stock-based compensation	1,123	1,068
Decrease in tax expense arising from tax settlement	458	2,292
Increase in tax expense, tax reserves	458
Change in tax expense related to valuation allowance		2,198
Increase in tax expense related to transfer pricing and return-to-provision adjustments	1,046	$ 172
Liability for uncertain tax positions	30,511
Unrecognized Tax Benefits, Gross, Noncurrent Liability	28,144
Unrecognized Tax Benefits, Gross, Offset to Tax Attributes	$ 2,367
Tax years open to examination by Internal Revenue Service	2020 through 2022
Tax years open to examination by various taxing authorities for other entities	2017 through 2023
Foreign Tax Authority | Ireland
Income Tax Contingency [Line Items]
Statutory tax rate	12.50%
Foreign Tax Authority | China
Income Tax Contingency [Line Items]
Statutory tax rate	25%
Foreign Tax Authority | Korea
Income Tax Contingency [Line Items]
Statutory tax rate	21%
Foreign Tax Authority | JAPAN
Income Tax Contingency [Line Items]
Statutory tax rate	34.60%
Domestic Tax Authority
Income Tax Contingency [Line Items]
Statutory tax rate	21%

Weighted-Average Shares - Calcu

Weighted-Average Shares - Calculation of Weighted-Average Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding (in shares)	171,692	172,624
Effect of dilutive equity awards (in shares)	902	1,279
Weighted-average common and common-equivalent shares outstanding (in shares)	172,594	173,903

Weighted-Average Shares - Narra

Weighted-Average Shares - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (shares)	8,176,000	6,515,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (shares)	1,000	10,000
Performance Shares (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (shares)	0	0

Business Combinations (Details)

Business Combinations (Details) - Moritex Corporation ¥ in Thousands, $ in Thousands			3 Months Ended
	Oct. 18, 2023 JPY (¥)	Oct. 18, 2023 USD ($)	Mar. 31, 2024 JPY (¥)	Mar. 31, 2024 USD ($)	Oct. 18, 2023 USD ($)
Business Acquisition [Line Items]
Business Combination, Enterprise Value	¥ 40,000,000				$ 270,000
Business Combination, Consideration Transferred	44,376,245	$ 296,138
Payments to Acquire Businesses, Gross	¥ 44,227,414	$ 295,144	¥ 148,831	$ 994

Subsequent Events (Details)

Subsequent Events (Details)	May 02, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.075